Man Group, the London-based investment management firm, has agreed to acquire US-based fund manager Pine Grove Asset Management.
Pine Grove, with approximately $1 billion assets under management (AuM), will expand Man Group’s presence in the US and ass to Man Group’s hedge fund business, FRM.
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Luke Ellis, president of Man Group, said: "FRM’s longstanding strategy has been to help investors use hedge funds to achieve their investment goals. Pine Grove has a long and accomplished track record of outperformance and is an excellent addition to the FRM business."
Tom Williams, CIO of Pine Grove, said: "We are particularly excited about becoming part of FRM, which will provide us with world-infrastructure, technology and resources, while allowing Pine Grove to maintain our entrepreneurial investment approach. This will enhance our business and add significant value for clients as we strive to create the optimal environment for our investment professionals to deliver performance."
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